士兰微：24Q1出货量大幅提升，期待高端市场助力盈利修复

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company experienced a significant increase in shipment volume in Q1 2024, with expectations for high-end market support to aid in profit recovery [1][5] - The decline in profit for 2023 was primarily due to the decrease in fair value gains from non-current financial assets, particularly stocks of YN Technology and Anlu Technology [2][5] - The company is focusing on high-end clients and high-barrier markets, particularly in the automotive and new energy sectors, with plans to accelerate production capacity for automotive-grade IGBT chips and SiC-MOSFET chips [5][2] Financial Summary - Revenue for 2023 was 9.34 billion yuan, a year-on-year increase of 12.77%, while net profit was -36 million yuan, a decline of 103.40% [1][2] - Q1 2024 revenue reached 2.465 billion yuan, up 19.30% year-on-year and 1.01% quarter-on-quarter, with a net profit of -15 million yuan, down 107.15% year-on-year [1][2] - The company's gross margin for 2023 was 22.21%, down 7.24 percentage points year-on-year, while the net margin was -0.69%, down 13.34 percentage points year-on-year [2][5] Product and Technology Development - The company has seen a growth in revenue from discrete devices, with an 8.18% year-on-year increase attributed to continuous technological upgrades and product volume expansion [2][5] - The company has completed the technical upgrade of its V-generation IGBT and FRD chips, which have shown significant performance improvements [2][5] - The company expects sales of automotive-grade SiC PIM modules to reach 1 billion yuan in 2024, with mass production and delivery starting in Q1 2024 [2][5] Future Outlook - The report has lowered the profit forecast for 2024 but raised the forecast for 2025, reflecting expectations of increased product shipments in high-barrier markets [5][2] - Projected net profits for 2024-2026 are 309 million yuan, 522 million yuan, and 715 million yuan, respectively, with corresponding EPS of 0.19, 0.31, and 0.43 yuan [5][2]